Qatar Islamic Bank Q1 Net Profit Rises 19%

Qatar Islamic Bank (QIB), the Gulf state’s largest sharia-compliant lender by assets, reported a 19 per cent jump in first-quarter net profit on Wednesday, broadly in line with analysts’ forecasts.

The Islamic lender made a net profit of QAR400 million ($109.9 million) during the period, a company statement said, without providing a figure for the corresponding period of 2014. The bank previously reported net profit of QAR335.4 million for the same period a year ago.

Six analysts on average forecast a net profit of QAR398.8 million for the period in a Reuters poll.